Help Required Urgently..

Scotslad87

Evening all,

Financially things have been tough for me recently and although I feel I am making all the right moves to get out the hole I was/am in, I need advice on getting over the final few hurdles.

To cut a long story short, I got myself in a bit of bother with outstanding debt, clocked up when I was a student etc. I got involved in gambling and going out every night (as you do) but I was living well outwith my means.

Due to this unsustainable lifestyle, I took on alot of debt. Recently I have tried to clear alot of this but I went about it completely the wrong way and in the last few months I have had to rely on payday loans to get me through each month.

I have now paid off most of my debt, however I received my wages on Monday, and already 85% of this has gone, paying off the "payday loans". Now to get through until next pay day I am going to have to look into taking out another loan of some sort, ideally for around £600-£700, however due to my debt in the past I have a "very poor" credit rating and not many companies will give me this sort of loan, hence me having to rely on pay day loans costing me a fortune on interest.


Are there any suggestions as to what I could do to get through to my next pay day without racking up alot of debt or using pay day loans?

I know obviously to cut down on my spending and I have done this but I still will require around another £600 to make it through to Decembers pay day. Ideall I'd like to take a £600-700 loan out over 6 months but I dont think this will be possible.

Thanks in advance for any advice.

1StepDebt

Create a Statement of Affairs: http://www.stoozing.com/msoc/soacalc.php

Post it up here and you'll get all the help you ever need.

Scotslad87

1StepDebt wrote: »

Create a Statement of Affairs:

Post it up here and you'll get all the help you ever need.

Thanks..

Monthly Income : £1,853
Expenses: £1,519
Available for debt repayments: £334
Unsecured debt replayments: £50
Surplus: £284

Any more info required please just ask.

1StepDebt

Scotslad87 wrote: »

Thanks..

Monthly Income : £1,853
Expenses: £1,519
Available for debt repayments: £334
Unsecured debt replayments: £50
Surplus: £284

Any more info required please just ask.

You really need to fill in the one on the link I gave you so that people can identify where you can make cuts - a total figure isn't enough. When you fill it in, click the MSE button on the page and it'll give you text to copy and paste into this post.

Also, do you really have a surplus of £284 or does it seem to have disappeared every month. If it's the latter, keep a spending diary and figure out where it's going.

An interesting quote I read recently (sorry to the poster for not giving credit as I can't remember who posted it) is:

Before you buy anything, ask yourself, how am I going to feel about this purchase in 10 minutes, 10 hours, 10 days and 10 months. If you're going to regret it in 10 days, put it back down. An example would be a magazine or even a newspaper - there's plenty news and gossip available on the internet.

DaveK1971

Scotslad87 wrote: »

Evening all,

Financially things have been tough for me recently and although I feel I am making all the right moves to get out the hole I was/am in, I need advice on getting over the final few hurdles.

To cut a long story short, I got myself in a bit of bother with outstanding debt, clocked up when I was a student etc. I got involved in gambling and going out every night (as you do) but I was living well outwith my means.

Due to this unsustainable lifestyle, I took on alot of debt. Recently I have tried to clear alot of this but I went about it completely the wrong way and in the last few months I have had to rely on payday loans to get me through each month.

I have now paid off most of my debt, however I received my wages on Monday, and already 85% of this has gone, paying off the "payday loans". Now to get through until next pay day I am going to have to look into taking out another loan of some sort, ideally for around £600-£700, however due to my debt in the past I have a "very poor" credit rating and not many companies will give me this sort of loan, hence me having to rely on pay day loans costing me a fortune on interest.


Are there any suggestions as to what I could do to get through to my next pay day without racking up alot of debt or using pay day loans?

I know obviously to cut down on my spending and I have done this but I still will require around another £600 to make it through to Decembers pay day. Ideall I'd like to take a £600-700 loan out over 6 months but I dont think this will be possible.

Thanks in advance for any advice.

Hi, Who are your payday loans with?

Scotslad87

DaveK1971 wrote: »

Hi, Who are your payday loans with?

Hi Dave,

Thanks for your reply.

My payday loans were with Wonga, Easy Fianance Club and Uncle Buck Finance.

As I say, the Wonga one has been paid off by this months wages and the Easy Finance Club and Uncle Bucks ones are both for £100 each.

I just need to find a solution of getting through this month without taking out any more of these hefty interest rate loans.

Thanks for any advice you can offer.

moongarden

Hi Scotslad,
The folks around here can offer plenty of detailed and appropriate advice - but we need more information first.
It might seem long winded but definitely filling out the Statement of Affairs via the link 1StepDebt posted would be a great investment in your financial future.

Scotslad87

moongarden wrote: »

Hi Scotslad,
The folks around here can offer plenty of detailed and appropriate advice - but we need more information first.
It might seem long winded but definitely filling out the Statement of Affairs via the link 1StepDebt posted would be a great investment in your financial future.

Yeh, I appreciate that's what I need to do long term, however the problem at the moment is I need money now to get through to the end of the month, but I am not overly keen on going to somewhere like Wonga etc.

StressedSteph

Hi ScotsLad,

The only few things I can think of are:-

Borrow from Friend/Relative.
Ask for temp overdraft at bank
Apply for a Credit card
Apply for small loan (Not payday)

The last two, are reliant on your credit rating, but maybe worth a shot if you are desperate. If your Credit is shot anyway, it does'nt really matter you risking them saying No.

With not knowing your SOA its hard to help, are you living alone?. If you can pay all the bills but can't afford to eat etc. Could you move in with a friend or parents just for December?

None of these might be possible, but all I can think of.
Payday loans are such a vicious cycle.

Hope this helps
Steph

R_P_W

Scotslad - Not more to add than what others have said really.

Do the proper SoA.

Can you not borrow the money from family for a few months until you get yourself in a more stable position?

You have said a couple of times in this post 'that you just need the money now to get through THIS month'. I think that this might be part of the problem - that is probably what led to payday loans in the first instance? You need to try and take a longer term view of your finances - I'm sure there is some way you will get the money for this month, but unless your situation is going to greatly improve next month and the months after you will have the same problem.

Have you got anything to sell?

Heffi1

Hi Scotslad,

It might seem like a chore filling in the complete SOA from the link above, but unless you do it, you will never be able to see where any savings can be made, I bet if we looked at it, we could shave quite a lot from it and you might not even need another loan. Unless you can take a close look at your budget you will never be able to plan for anything going forward.

Can you do this?

If not then I am not really sure we can help you, it is ok saying you have:

Monthly Income : £1,853
Expenses: £1,519
Available for debt repayments: £334
Unsecured debt replayments: £50
Surplus: £284

According to these figures above, you have £334 for debt payments, but only use £50 of it for paying back, and you appear to have £284 surplus. Why is this?

Now if we had a breakdown of the expenses you mention of £1519 then we might be able to save you some money here.

Try and fill it in and format it for MSE at the bottom and come back and let us help you further.